U.S. stocks rose modestly on Monday as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for the main benchmarks, on jitters about potential interest rate hikes to tame stubbornly high inflation.
Each of the three main indexes climbed more than 1% shortly after the opening bell, in part due to an easing in Treasury yields. Then, stocks gave up some gains as yields moved off the day's lows. The yield on two-year Treasury notes , which typically moves in step with interest rate expectations, slipped after touching a near four-month high.
"A little bit of a bounce because Friday’s reaction was an overreaction," said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida. "If inflation does not subside and it continues to creep higher over the next couple of months absolutely could force it higher. The realization now is there is no pivot coming this year and the people who still think a pivot is coming this year need their heads examined."
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